FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2013 and December 31, 2012.



	As of September 30, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	5,856	$	—	$	—	$	5,856
Commodity contracts	8,319		—		—		8,319
Derivatives included with intermediation agreement obligations	—		29,563		—		29,563
Liabilities:
Commodity contracts	—		14,587		—		14,587
Derivatives included with inventory supply arrangement obligations	—		1,291		—		1,291
Catalyst lease obligations	—		40,323		—		40,323



	As of December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	175,786	$	—	$	—	$	175,786
Commodity contracts	3,303		—		—		3,303
Derivatives included with inventory supply arrangement obligations	—		5,595		—		5,595
Liabilities:
Catalyst lease obligations	—		43,442		—		43,442
Commodity contracts	—		1,872		—		1,872
Contingent consideration for refinery acquisition	—		—		21,358		21,358

Schedule of Effect of Significant Unobservable Inputs

The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013			2012
Balance at beginning of period	$	—	$	122,924		$	21,358		$	122,232
Purchases	—		—			—			—
Settlements	—		(103,643		)	(21,358		)	(103,643		)
Unrealized loss included in earnings	—		692			—			1,384
Transfers into Level 3	—		—			—			—
Transfers out of Level 3	—		—			—			—
Balance at end of period	$	—	$	19,973		$	—		$	19,973

Schedule of Fair value of Debt

The table below summarizes the fair value and carrying value as of September 30, 2013 and December 31, 2012.



	September 30, 2013				December 31, 2012
	Carrying value		Fair value		Carrying value		Fair value
Senior secured notes (a)	$	667,242	$	684,918	$	666,538	$	700,963
Revolver (b)	15,000		15,000		—		—
Catalyst leases (c)	40,323		40,323		43,442		43,442
Long-term debt	$	722,565	$	740,241	$	709,980	$	744,405

(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes.

(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.

(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement.

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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